Don’t Crush My Millionaire Dreams

Last month I posted about feeling “trapped” in a lifetime of work. I got a number of comments on Brazen Careerist that really got me thinking. Smith+Fritzy  wrote, 

 ”When we look at our parents, we think ‘how could they work so long and be okay with [SIC]?’ It’s because they were working for something. Whether it was just for food, clothing, housing, the basics, or to raise their children, they had something that the money made a difference. For us, while everyone wants to make more money, we are pretty easily sustained with our work salaries to the point where money isn’t making a difference. You can say it does all you want, but keeping a roof over your head, having food on the table, etc. is much easier than it was for our parents. The amount of what we’ve been convinced what we need is much greater. The best computers, cars, houses, clothes, whatever… but these don’t translate into goals…”

So, it’s not so difficult for us to provide for ourselves at the most basic levels. Instead, people start striving for superfluous things – bigger apartments, higher salaries and flatter flat screens. 

 Jrandom 42 commented, ”Until you get to the top 1% in income, there isn’t much of a choice…And, unless you win the lottery or inherit a fortune, a lifetime of work is what we all have to look forward to.”

The part of this comment that caught my attention was only avoiding “a lifetime of work” if you win the lottery or inherit a fortune. Well, what if you start your own multi-million dollar business? (Hey, it happens.)

Lilit Marcus discusses one such millionaire (billionaire even?) 20-something in her post about the “Mark Zuckerberg Phenomenon,” which has got some wishful Gen Yers “thinking the only two possible career options are internet mogul or desolate middle manager who always gets passed over for a raise.” 

I’m not in the camp of believing those are the only two existing options, but I also don’t think it’s too far-fetched for Gen Yers to at least hopefor the a Zuckerberg-esque fate. Look at the examples we’ve seen over the last few years: Google buying YouTube for $1.65 billion and a College Humor co-founder purchasing a $1.9 million apartment earlier this year. 

I’m not going to expect to become a young billionaire entrepreneur in the immediate future, but that doesn’t mean I’m ruling out the possibility…

Rachel

p.s. If you’re looking for some inspiration, BusinessWeek did a report on the Best Young Entrepreneurs of Tech in April.

Financial Responsibility? Just another thing I’m trying to avoid.

I had hoped when I read “Why Generation Y is Broke“ I would have a found a nice answer about how our entry-level salaries just aren’t enough to keep us living in cities with ever-increasing costs of living.

Uhh… so not the case. Apparently, “stats indicate our generation’s financial literacy is abysmal, with personal finances to match.”

Well you can imagine my disappointment when I realized the only person I can blame for my financial despair is myself. Harsh.

Mint is clearly not enough to make me fiscally responsible.  

Maybe it’s because I’m trying to avoid acceptance of the fact that working full-time is my new life. In two weeks I am not JMU-bound for another year of laughingly low rents and fantastically priced happy hours.

I might not be in the midst of credit card debt (yet) and my student loans still don’t kick in for another three months, but I still can’t seem to get a grasp on my new financial situation. How can I possibly consider saving at a time like this? Even an Internet-based savings account like ING Direct offers isn’t enough to get me saving up. 

I’m desperate to figure out how to navigate this transition of learning how to support myself financially, preferably without giving up weekend shopping trips or unlimited text messages. Any suggestions?

-Rachel

Just Got Paid

Most of my firsts in the work field have passed. First day, first big project, first vacation, etc. But, something I was looking forward to more than anything was, of course, my first paycheck.

After being at the beach for a week with family I grudgingly returned back to the office. Sitting on my desk was a white envelope, which my colleague explained was from payroll. I wanted to jump for joy. It was finally here.

Moments after the initial excitement died down, I realized I needed a budget. Lucky for me, I have resources including various posts by my fellow Life Before Nooners and a very handy budget organizer in my planner. 

My first plan of attack was to take away what I could from the posts and apply the advice to my life in the city. Taking Carla’s and Haley’s advice I decided to start writing down everything I was spending money on, good thing my planner has an expenses section – making this all that much easier for me. Taking Marilyn’s advice I plan on cutting back where I can in order to save money.

By spending some time thinking about my personal finances and using the resources around me I hope that my excitement in my first paycheck won’t be short-lived in a compulsive purchase of shoes and instead be saved until something really gratifying comes along. Then, I can really being to look forward to all the seconds at work.

-Aida